Značka: Markets

What is the best marketplace to buy NFTs? | Find out now on The Market Report

“The Market Report” with Cointelegraph is live right now!On this week’s show, Cointelegraph’s resident experts discuss which nonfungible token (NFT) marketplace has the most to offer its customers.But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.Next up, join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which marketplace is the best for NFTs. Will Bourgi’s pick of Solanart come out on top, with its high speeds and low transaction costs? Or will Yuan’s pick of Rarible beat out the rest with its community-owned approach, where RARI tokenholders can vote and make changes to the platform? Last but not least, we have Jordan’s pick of ThetaDrop, which supports all types of creators, from well-known artists like Katy Perry to crypto influencers and popular gamers. Which marketplace do you think has the most to offer? Leave us a comment with your thoughts, and vote in the poll in the chat room!Stick around after the showdown for insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Markets Pro to identify two altcoins that stood out this week: Anchor Token (ANC) and Akash Token (AKT).Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!The Market Report streams live every Tuesday at 12:00 pm ET (5:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page, and smash those like and subscribe buttons for all our future videos and updates.

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Here’s 5 altcoins to study as crypto prices drop close to a 1-year low

The pain trade has been an unwelcome sight across the cryptocurrency market since the start of 2022 and over the past 24 days Bitcoin (BTC) and the altcoin prices have drifted, leading some analysts to suggest that a bear market is at hand.Despite traders’ concern that another extended crypto winter could be starting, it times like these when investors can capitalize on great opportunities to pick up fundamentally sound cryptocurrencies at a discount.Crypto Fear & Greed Index. Source: Alternative.meIn that vein, here’s a closer look at several projects with strong fundamentals and a proven use case that could be good candidates for accumulation during the current market correction. Polygon (MATIC)The Ethereum (ETH) layer-two scaling solution Polygon (MATIC) is currently down 50.76% from its all-time high of $2.92 which was established on Dec. 27, 2021. MATIC/USDT 1-day chart. Source: TradingViewPolygon saw a tremendous amount of growth and adoption over the course of 2021 because its compatibility with Ethereum and low transaction costs made it a destination for users and protocols that were looking for a way to remain on the Ethereum network and avoid the high cost of transactions. Total MATIC wallets over time. Source: Dune AnalyticsThe network is capable of hosting all manner of decentralized applications including lending protocols like AAVE, decentralized exchanges like Uniswap or gaming and nonfungible token projects like Aavegotchi. With the capabilities and final date for the rollout of Eth2 still unknown, layer2 solutions like Polygon are likely to continue to see increased engagement as users seek lower-fee transactions. Fantom (FTM)Fantom (FTM) is a layer-one blockchain protocol that also rose in prominence over 2021 as its low fee environment and Ethereum Virtual Machine (EVM) Compatibility helped attract new users and protocols to the network. FTM/USDT 1-day chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView shows that the price of FTM is currently down 36.3% from its December highs and trading at a price of $2.15 at the time of writing. The bullish case for FTM is backed by the continued rise total value locked (TVL) on the Fantom network despite the market-wide pullback, with data from Defi Llama showing that the Fantom TVL is currently at an all-time high of $12.07 billion. Total value locked on Fantom. Source: Defi LlamaWhen compared to competing networks such as Solana (SOL) which has a TVL of $7.62 billion, Fantom holds more value and has not experienced any major network disruptions like Solana,  yet it trades at a significant discount when compared to the price of SOL. TVL of #Fantom and #Solana are nearly the same now (10.67B vs 10.31B)Buy $FTM now like buy $SOL at 23$#fantomseason #solanawinter #fantomnews pic.twitter.com/eeUop6biZJ— Fantom News (@fantomnews) January 15, 2022With the current price of SOL standing at roughly $90, the price of FTM would need to be $18.10 to have a matching market cap, suggesting that Fantom is undervalued relative to its layer-one competitors and has the potential to close that gap as 2022 progresses. Polkadot (DOT)Another token that could potentially be in a good accumulation zone is Polkadot (DOT), a sharded multi-chain protocol whose goal is to facilitate the cross-chain transfer of any data or asset types across multiple blockchain networks. Data from Cointelegraph Markets Pro and TradingView shows that the price of DOT has been on the decline since early November 2021 as the token underperformed its cohort of layer-one projects possibly due to the lack of a functioning bridge to Ethereum.DOT/USDT 1-day chart. Source: TradingViewThis all changed on Jan. 11 when Polkadot’s Moonbeam (GLMR) parachain officially launched and established the first cross-chain bridge for the Polkadot network. As of Jan. 24, Moonbeam has processed more than 1,329,000 transactions and supports more than 700 ERC-20 tokens. As other parachains officially launch on Polkadot in the months ahead, DOT has the potential to see a rise in demand and token price as users look to get involved with the Polkadot network. Polkadot ecosystem. Source: PolkaProjectCurve (CRV)When it comes to the increasing importance of the stablecoins in the crypto market, Curve DAO token has emerged as one of the most sought-after tokens by investors and protocols who have been vying for control of governance on the platform. CRV/USDT 1-day chart. Source: TradingViewAfter hitting a record high of $6.80 on Jan. 4, the price of CRV has fallen 60% and now trades at $2.76 according to data from TradingView. Even with the drop in CRV price, the ongoing ‘Curve Wars’ suggest that demand for the token is likely to rise once the current weakness in the market subsides as decentralized finance projects attempt to accumulate governance powers over the Curve ecosystem.At the time of writing, a total of 49% of the circulating supply of CRV is locked in veCRV, the voting token for the Curve protocol. Percentage of CRV tokens locked on Curve. Source: Dune AnalyticsRelated: Does a Fed digital dollar leave any room for crypto stablecoins?Frax Share (FXS)Another protocol that looks to play a larger role in the stablecoin sector is Frax Share (FXS), the first fractional-algorithmic stablecoin system in the crypto sector that began to gain traction near the end of 2021. FXS/USDT 4-hour chart. Source: TradingViewThe protocol’s FRAX stablecoin has emerged as a fan favorite of the DeFi crowd in large part thanks to its decentralized nature in a field dominated by centralized projects like Tether (USDT) and USD Coin (USDC). As a result of its adoption, the total volume of FRAX transacted has risen over the past six months and is currently at an all time high of $6.3 billion. FRAX monthly volume. Source: Dune AnalyticsFXS’s bullish momentum is backed by a steadily increasing total value locked, which increased by 30.53% over the past week and 86.9% over the last month to hit a record high of $2.28 billion on Jan. 24. This climb to a record TVL comes even as the prices of nearly every other asset fell across the crypto market.Total value locked on Frax Share. Source: Defi LlamaWith FRAX now being adopted across DeFi by users looking for more decentralized stablecoin options, FXS could likewise see an increase in demand and token price as the importance of reliable stablecoin protocols intensifies. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analysts say Bitcoin’s bounce at $36K means “it’s time to start thinking about a bottom”

Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021.Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above $35,500.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about the macro factors at play in the global financial markets and what to be on the lookout for in the months ahead. “Rate hikes don’t kill risk assets”For several weeks the dominant conversation in U.S. financial markets has been the prospect of up to four interest rate hikes by the Federal Reserve over the course of 2022, which many people have claimed will put an end to the current bull market. But according to financial analyst and pseudonymous Twitter user ‘Tascha,’ this is a common misconception because “rate hikes don’t kill risk assets.”Tascha said, “Reversal of quantitative easing does. Check what happened to stocks 2015 and 2018 when Fed turned off the tap.”Further insight into Tascha’s tweet was provided in the following reply from pseudonymous Twitter user RK Maruvada. Is it time to think about a bottom?A bit of hope for the crypto faithful was provided by technical analyst and Bollinger Bands creator John Bollinger, who posted the following tweet suggesting that “it’s time to start thinking about a bottom in cryptos.” It’s time to start thinking about a bottom in cryptos. However the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry. $btc, $eth, $ltc…— John Bollinger (@bbands) January 24, 2022While the well-known analyst thinks that the market may be in the general area of a bottom, caution is still warranted and a bounce followed by a retest is needed before looking to enter a long position in BTC. Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againOpening a Bitcoin long “looks attractive here”A final bit of analysis was provided by macro strategist and Delphi Digital co-founder Kevin Kelly, who indicated that “the big question now is where will the next wave of demand come from and what level do we need to hit for it to trigger such bids? BTC/USD 1-day chart. Source: TradingViewAccording to Kelly, “the mid-to-high $30,000s for BTC is a safe bet,” especially due to the widely held belief by many that Bitcoin could see a “run up to $70,000.” This would mark a 75% gain from the current levels, which “large capital allocators would salivate at the opportunity to capture” from Kelly’s view, “even if it takes a year or longer to realize such gains.”Kelly said, “That is why we firmly believe BTC looks attractive here for those with a long enough time horizon, especially when compared to traditional alternatives to park your capital.”This sentiment that BTC is at a good level for a long was also echoed in the following tweet by cryptocurrency analyst and Twitter user Will Clemente.Don’t think asymmetry is skewed to the downside for BTC here. For the long term investor this is a good area to DCA in some heavier buys IMO.— Will Clemente (@WClementeIII) January 24, 2022

The overall cryptocurrency market cap now stands at $1.594 trillion and Bitcoin’s dominance rate is 41.9%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 1/24: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0. If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.Daily cryptocurrency market performance. Source: Coin360Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage. “Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.BTC/USDT daily chart. Source: TradingViewThe selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone, the bulls will try to push the pair above $39,600.A break and close above the 20-day exponential moving average ($40,835) will be the first indication that the bears may be losing their grip. A trend change may be signaled after the price rises and sustains above the 50-day simple moving average ($45,404).ETH/USDTEther (ETH) plummeted and closed below the descending channel on Jan. 21, indicating an increase in selling pressure. The bulls tried to push the price back into the channel on Jan. 23 but failed.ETH/USDT daily chart. Source: TradingViewThis renewed the selling pressure today and bears have pulled the price below the Jan. 22 intraday low at $2,300. The ETH/USDT pair could now decline to the psychological level at $2,000 where the buyers may provide support.If the price rebounds off this level, the bulls will again try to push the price back into the channel. If they succeed, the pair could rise to the breakdown level at $2,652. Conversely, if the price breaks below $2,000, the pair could slide to the next major support at $1,700.BNB/USDTBinance Coin (BNB) plummeted below the support line of the descending channel on Jan. 21 and follow-up selling on Jan. 22 pulled the price toward the strong support zone at $330 to $320.BNB/USDT daily chart. Source: TradingViewThe buyers attempted a relief rally on Jan. 23 but the bears did not allow the price to re-enter into the channel. This indicates that bears are defending the support line of the channel. The selling resumed today and the bears will try to sink the price below the support zone.If the price sustains below $320, the BNB/USDT pair could slide to $254.50 and then to the next support at $225.40. The first sign of strength will be a break and close inside the channel. The pair could then attempt a rally to the 20-day EMA ($443).ADA/USDT Cardano (ADA) broke below the strong support at $1 on Jan. 22 but the long tail on the candlestick shows that bulls purchased the dip and defended the level successfully.ADA/USDT daily chart. Source: TradingViewHowever, a minor negative is that the bounce off $1 could not even reach the 20-day EMA ($1.24). This suggests that bears are pouncing on minor relief rallies and not waiting for higher levels to sell.The bears again pulled the price below $1 today. If they sustain the ADA/USDT pair below this level, the selling momentum could pick up. The pair could then decline to $0.80 and later to the support line of the channel. SOL/USDTSolana (SOL) nosedived below the $116 support on Jan. 21 and the price reached the support line of the descending channel on Jan. 22. Although bulls defended this level, they could not push the price to the breakdown level at $116. This indicates that buying dries up at higher levels.SOL/USDT daily chart. Source: TradingViewThe bears resumed their selling today and are attempting to sink the SOL/USDT pair below the support line of the channel. If they succeed, the selling could pick up momentum and the pair may drop to $66 and later to $58.The incessant selling of the past few days has pushed the RSI below 22. This indicates that selling may have been overdone in the short term and a relief rally is possible. The first level to watch on the upside is $116 and then the 20-day EMA ($131).XRP/USDTRipple (XRP) broke below the Dec. 4 intraday low at $0.60 on Jan. 22. There was an attempt by the bulls to start a relief rally on Jan. 23 but it did not find any takers at higher levels.XRP/USDT daily chart. Source: TradingViewThe selling resumed today and the bears are trying to pull the price to the psychological level at $0.50. This is an important support for the bulls to defend because if it cracks, the XRP/USDT pair could slide to $0.39.Contrary to this assumption, if the price rebounds off the $0.50 support, the bulls will attempt to push the pair to the 20-day EMA ($0.72). A break and close above this resistance could signal that the selling pressure may be reducing.LUNA/USDTTerra’s LUNA token rebounded off the support line of the descending channel on Jan. 22 but the recovery hit a wall at $70.22 on Jan. 23. This suggests that bears have not given up and are actively selling at higher levels.LUNA/USDT daily chart. Source: TradingViewThe moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will now try to pull the price to the support line.If the price rebounds off this line once again, the possibility of a move back to the downtrend line increases. Alternatively, if bears sink and sustain the price below the channel, the selling could intensify and the pair may plummet to $37.82.Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againDOGE/USDTDogecoin (DOGE) plummeted below the strong support at $0.13 on Jan. 22 but the long tail on the candlestick shows buying at lower levels. The buyers attempted to start a recovery on Jan. 23 but higher levels attracted selling.DOGE/USDT daily chart. Source: TradingViewThe price has turned down today and the bears are attempting to pull and sustain the DOGE/USDT pair below the $0.13 support. If they succeed, the pair could start its slide toward the psychological level at $0.10.Contrary to this assumption, if the price turns up from the current level, the bulls will again try to push the pair to the 20-day EMA ($0.15). A break and close above the 50-day SMA ($0.16) could keep the $0.13 to $0.19 range into play.DOT/USDTPolkadot (DOT) plummeted below the critical support at $22.66 on Jan. 21 and reached the next support at $16.81 on Jan. 22. Although bulls defended this level, they could not extend the relief rally on Jan. 23. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears have resumed their selling today and are attempting to sustain the DOT/USDT pair below $16.81. If they do that, the pair could extend its decline to the next major support at $10.37.The sharp selling of the past few days has pushed the RSI into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally could be possible. If the price turns up from the current level and rises above $19.20, the pair could rally to $22.66.AVAX/USDTAvalanche (AVAX) plunged and closed below the $75.50 support on Jan. 21, completing a bearish descending triangle pattern. The bulls defended the $51.04 support on Jan. 22 but could not push and sustain the price above the 200-day SMA ($65) on Jan. 23.AVAX/USDT daily chart. Source: TradingViewThis suggests that bears continue to sell on minor rallies. The bears have resumed their selling today and will try to pull the AVAX/USDT pair below the strong support zone at $51.04 to $47.66. If they succeed, the pair could plummet to $32.23.Conversely, if the price rebounds off the support zone, it will indicate accumulation at lower levels. The bulls will then attempt to push the pair to the breakdown level at $75.50, which is an important level to watch out for.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM

Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.Crypto market data daily view. Source: Coin360Several retail traders who purchased Bitcoin near its all-time high are voicing their concerns on social media. However, El Salvador’s President Nayib Bukele does not seem to be worried by the recent fall as he recently announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.BTC/USDTBitcoin plunged below the $39,600 to $37,332. support zone on Jan. 21, indicating panic selling. The selling continued on Jan. 22 and the price dipped to $34,008.BTC/USDT daily chart. Source: TradingViewThe sharp fall of the past few days has pulled the relative strength index (RSI) near the 20 level, suggesting that the selling may have been overdone in the short term. Usually, such oversold levels are followed by a consolidation or relief rally.Recovery attempts are likely to face strong resistance in the overhead zone. If the $37,332 to $39,600 zone flips into resistance, it will signal that the sentiment remains negative and traders are selling on rallies.The bears will then attempt to resume the downtrend and sink the BTC/USDT pair to the major support at $30,000. A break and close above the 20-day exponential moving average ($41,427) will be the first indication that bears may be losing their grip.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is trading inside a descending channel pattern. The bears pulled the price below the channel but have not been able to sustain the lower levels. This suggests strong buying by the bulls who have pushed the price back into the channel.The pair could rise to the 20-EMA where the bears may again pose a stiff challenge. If the price turns down from this resistance and plummets below $34,008, the selling could intensify. Conversely, a break above the 20-EMA could open the doors for a possible rise to the resistance line of the channel.LUNA/USDTTerra’s LUNA token has been trading inside a descending channel for the past few days. The price dropped to the support line of the channel on Jan. 22 but the bulls purchased this dip aggressively as seen from the long tail on the day’s candlestick.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel. If bulls propel the price above the channel, the pair could rise toward $87.90 and later to $93.81.Contrary to this assumption, if the price turns down from the current level or the moving averages, it will suggest that bears are selling on every minor rally. The pair could then retest the support line of the channel. A break below this support could accelerate the selling.LUNA/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the relief rally has reached the 20-EMA which is an important level to watch out for. The marginally downsloping 20-EMA and RSI just below the midpoint indicate a minor advantage to bears.If bulls drive the price above the 20-EMA, the pair could attempt a rally toward the downtrend line of the channel. Alternatively, if the price turns down from the current level, the bears will fancy their chances and strive to pull the pair to the support line of the channel. ATOM/USDTCosmos (ATOM) turned down from the overhead resistance at $40 on Jan. 17 and plummeted to the 200-day simple moving average ($27.57) on Jan. 22. ATOM/USDT daily chart. Source: TradingViewThe ATOM/USDT pair has rebounded sharply off the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers will now try to push the price to the 20-day EMA ($35.91). A break and close above this level could indicate that the correction may be over. The pair could then rally to the critical overhead resistance at $44.80. This positive view will invalidate if the price turns down from the current level or the 20-day EMA and breaks below the 200-day SMA. Such a move could open the door for a possible drop to $20.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a double top formation, which completed on a break and close below $34. This topping out pattern has a target objective of $23.20 and the pair plunged to an intraday low at $27.31.The relief rally from the lower levels is facing stiff resistance at the breakdown level at $34. If bulls push and sustain the price above this resistance, the pair could rise to the downtrend line. A break and close above this line will suggest a possible change in trend. Related: How to pick or analyze altcoins?ACH/USDTAlchemy Pay (ACH) aims to bridge the gap between the crypto and fiat world by achieving seamless transactions between the two economies. Its recent partnership with MEXC Global will provide users with several payment options in Japan, Korea, and Indonesia.Alchemy Pay also teamed up with Algorand and Avalanche to bring direct fiat payment channels such as Visa, Mastercard, PayPal and several local payment channels to their network.A new partnership with NIUM will help Alchemy Pay lower costs for its clients in the 190+ countries where NIUM operates. NIUM’s licences in financially important regions such as the United Kingdom, Europe, U.S., Singapore, Hong Kong and Australia, will assist Alchemy Pay in penetrating these markets.The network added support to Dai after a new collaboration with MakerDAO and also announced a partnership with IoTeX (IOTX). The integration enables IOTX to be used for business-to-business (B2B) or customer-to-business (C2B) payments in several parts of the world.The project’s multiple partnerships have helped it to expand its support to more than 70 countries with 300 payment channels reaching more than 2 million merchants. ACH was also listed on Binance exchange on Jan. 10, making it easier for a larger pool of traders to transact the coin ACH has been steadily declining since hitting an all-time high in August 2021. This suggests that traders have been booking profits on rallies.ACH/USDT daily chart. Source: TradingViewTHE ACH/USDT pair plunged below the strong support zone at $0.056 to $0.045 on Jan. 21, but a minor positive is that bears could not build upon this advantage. This indicates strong demand at lower levels.If buyers push the price back above the overhead zone, several aggressive bears who may have sold recently may get trapped. This could result in a short squeeze which may push the pair to the downtrend line of the descending triangle. The bullish momentum could pick up on a break and close above the triangle. On the other hand, if the price turns down from the overhead zone, it will suggest a change in sentiment from buy on dips to sell on rallies. The bears will then attempt to sink the price below $0.03 and resume the downtrend. FTM/USDTFantom (FTM) broke above the $3.17 overhead resistance on Jan. 16 but could not clear the next hurdle at $3.48. This may have attracted profit-booking by traders, resulting in a sharp pullback. FTM/USDT daily chart. Source: TradingViewThe bears pulled the price below the 50-day SMA ($2.14) on Jan. 22 but could not sink the FTM/USDT pair to the 200-day SMA ($1.57). Strong buying by the bulls has pushed the pair back above the 50-day SMA.The bulls will now try to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could retest the overhead zone. Conversely, if the price turns down from the current level or the 20-day EMA, it will suggest that traders are selling on rallies. The bears will then try to pull the pair below the 200-day SMA.FTM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a head-and-shoulders pattern, which had a target objective at $1.70. The pair bounced from $1.77 and has reached the 20-EMA, which is acting as a stiff resistance.If the price turns down from the current level, the bears will try to resume the downtrend and sink the pair to $1.30. Conversely, if the price rises and sustains above the 20-EMA, the pair could rally to the neckline of the bearish setup and then rise to $3.00.LEO/USDUNUS SED LEO (LEO) plunged and closed below the ascending channel pattern on Jan.21 but a minor positive is that bulls bought at lower levels and are attempting to push the price back above the moving averages.LEO/USD daily chart. Source: TradingViewIf they succeed, the LEO/USD pair could retest the overhead resistance at $3.92. A break and close above this level could indicate the resumption of the uptrend. The pair could then rise to the resistance line of the channel. If bulls thrust the price above the channel, the pair could pick up momentum. This positive view will invalidate if the price turns down from the current level and breaks below $3.37. The pair could then drop to the strong support at the 200-day SMA ($3.19).LEO/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls repeatedly attempted to push and sustain the price above the overhead resistance at $3.85 but failed. This may have attracted profit-booking, resulting in a decline to the strong support at $3.40.The sharp rebound off $3.40 indicates aggressive buying at the level. The bulls will now try to push the price to $3.85. If bulls clear the overhead zone between $3.85 to $3.92, the uptrend could resume. This positive view will invalidate on a break and close below $3.40.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.*Disclaimer: ACH is a featured cryptocurrency from one of Cointelegraph’s sponsors, its inclusion did not affect this price analysis.

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3 possible reasons why Polkadot is playing second fiddle in the L1 race

2021 was a sort of “coming-of-age” for many layer-one (L1) blockchain protocols because the growth of decentralized finance (DeFi) and nonfungible tokens (NFTs) forced users to look for solutions outside of the Ethereum (ETH) network where high fees and network congestion continued to be barriers for many.Protocols like Fantom (FTM), Avalanche (AVAX) and Cosmos (ATOM) saw their token values rise and ecosystems flourished as 2021 came to a close. Meanwhile, popular projects like Polkadot (DOT) underperformed, comparatively speaking, despite the high expectations many had for the sharded multi-chain protocol. FTM/USDT vs. AVAX/USDT vs. ATOM/USDT vs. DOT/USDT daily chart. Source: TradingViewSetting aside the specific capability that each protocol offers in terms of transactions per second and time to finality, here are several factors that may have played a role in DOT’s laggard performance when compared to other L1 competitors. Interoperability is a key factorOne of the major themes of 2021 was cross-chain interoperability between separate blockchain networks, with a bridge to Ethereum being the most important connection to establish due to the fact that a majority of projects currently run on the network. Protocols like Fantom, Binance Smart Chain, Avalanche and Harmony developed cross-chain bridges and this led to a noticeable bump in their token price, total value locked and on-chain activity. Despite the fact that Polkadot was specifically designed to offer multi-chain support as a “layer-zero” meta protocol, there was no major release of a bridge that connected Polkadot with Ethereum in 2021 and this left the protocol unloved by crypto traders looking to engage with DeFi and NFTs. Cosmos, likewise, didn’t see the release of a major bridge that connected its ecosystem with Ethereum, but there were minor integrations like the addition of Ether as a collateral asset on Terra which demonstrated that cross-chain compatibility was possible. The late launch of parachain auctionsAs 2021 came to a close, all of the previously mentioned networks were seeing a healthy amount of activity and cross-protocol interactions while projects on Polkadot were still finalizing their preparations to launch on the mainnet. This was in part due to the fact that the parachain auctions for Polkadot didn’t begin until November 11 when Moonbeam (GLMR), an Ethereum-compatible smart contract parachain, secured the first slot. DOT saw its price rise to an all-time high of $55 on Nov. 4 as those interested in contributing to the parachain auctions secured their tokens, but by the time the auctions had officially started its price was already on the downslope toward a low of $23.28 on Jan. 10. Moonbeam official went live on the Polkadot network on Jan. 11 and has managed to rack up more than 1 million transactions as users were finally able to transfer ERC-20 tokens into the Polkadot ecosystem. ⚡​ ONE MILLION TRANSACTIONS ⚡️Moonbeam hits 1M tx on the network! ​ Moonbeam is lighting up @Polkadot’s ecosystem with new integrations, 100k+ wallets, 700+ ERC-20 tokens & 1M GLMR tokens locked with collators.See the networkhttps://t.co/6ZhRLYDHgX pic.twitter.com/tczI7mAjlR— Moonbeam Network (@MoonbeamNetwork) January 20, 2022The price of DOT saw a slight bump higher following the launch of Moonbeam but has once again slid back down below $25. Related: Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot networkThe benefits of holding DOTA third factor that may be weighing on the popularity and price of DOT is confusion about what the token is used for and what benefits it provides to token holders. Thinking about selling my $DOT. I don’t see the purpose of the project anymore, many of the cool projects that were going to build on it migrated to $MATIC or so.Why should I keep it?— Quinten François (@QuintenFrancois) July 29, 2021

On many of the competing networks, the native token is used to conduct contract actions such as token transfers or swaps whereas protocols that are in the Polkadot ecosystem use their native tokens to pay for gas. Aside from being used to participate in parachain auctions, the main uses for DOT include staking to support the operation and security of the network and for use in governance votes. While governance abilities are important for the overall health of blockchain protocols, the average cryptocurrency users still haven’t shown much enthusiasm for participating in votes and are more interested in things like gaming, DeFi and NFTs. Multiple layer-one solutions are launching developer and liquidity incentive programs and up and coming DeFi protocols are still offering high yield staking opportunities. Currently DOT offers 13.94% APR to stakers and its possibly that this is not enough to satisfy the appetite of yield farmers who are looking to get more bang for their buck. The long-term outlook for Polkadot remains strong and the project has an active and dedicated community of followers to go along with an experienced development team led by Ethereum co-founder Dr. Gavin Wood. The launch of Moonbeam might indeed mark a turning point for DOT as cross-chain compatibility is now live and other parachain projects should start to launch on the mainnet shortly, but it remains to be seen how long it will take the network to catch up to its L1 competitors who have a head start on cross-chain interactions and increased on-chain activity. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Altcoin Roundup: 3 emerging P2E gaming trends to keep an eye on in 2022

Blockchain-based play-to-earn (P2E) gaming had a breakout year in 2021, and as the cryptocurrency ecosystem evolves in 2022, the P2E gaming sector and those that invest in it will need to consider what the next steps are. During bull markets, vaporware, speculation and euphoria can lead to unrealistic valuations and expectations, and this appears to also have impacted the P2E sector.Now that the hype is “over,” investors and developers will need to identify new value propositions that catalyze growth and steady investment into the blockchain gaming sector.Here’s a closer look at some of the trends that could emerge in the P2E ecosystem in 2022. Profit-sharing communitiesThe first trend to keep an eye on in 2022 is projects that are looking to harness interest in nonfungible tokens to create profit-sharing models and capitalize on the price appreciation of NFTs. These projects aim to offer opportunities for gamers and investors by providing a platform where investors who are not interested in playing games can invest and provide NFTs for players who would not otherwise be able to afford them.From there, players earn rewards for their gameplay, while investors earn a share of the profits. One example of this type of protocol is Yield Guild Games (YGG), a P2E gaming guild and decentralized autonomous organization focused on creating a community that lets players earn via blockchain-based economies. The DAO generates revenue through the sale of NFT assets or by renting them out to gamers as part of a profit-sharing model known as a scholarship. There are currently more players wanting #playtoearn scholarships than there are game assets to meet the demandTogether with our newest Sponsor-A-Scholar partner @coinbase, YGG will be able to onboard more new players worldwide pic.twitter.com/WXI8yniqt7— Yield Guild Games (@YieldGuild) January 11, 2022Some of the current games and investments that YGG is involved with include Axie Infinity, Illuvium, Guild of Guardians, Star Atlas, Splinterlands and The Sandbox. The most recent investment for the YGG community was a $50,000 investment in the seed round of Heroes of Mavia and a $330,000 purchase of NFT land assets in the game. Communities with educational supportAnother trend emerging out of the gaming and NFT sectors are communities that focus on educating community members on how to earn money through gameplay. Blockchain-based gaming can be a challenge for newcomers to learn, and some games have upfront costs that prevent some players from being able to play. To help simplify the process, a few protocols that invest in providing apprenticeships for players have come into existence. Merit Circle is a DAO project focused on developing its P2E economy by helping gamers transform their hobby into a steady stream of income. The Merit Circle DAO is maximizing value and accrue it to all the participants. The main activities can be separated into ⬇️ (pre)seed investments into ‘GameFi’Scholarship programTreasury management Developing products in-house All adding value to $MC pic.twitter.com/0bHAhbniKH— Merit Circle (@MeritCircle_IO) January 11, 2022

At the time of writing, the Merit Circle community has 2,750 active gamers from regions all around the world — including Asia, Africa, Europe and South America — who earn rewards daily by playing one of the supported games. Similar to YGG, Merit Circle also invests in community-held assets that can be used by gamers to earn rewards, with 30% of all proceeds being reinvested in the DAO or distributed to tokenholders. The project uses educational content and one-on-one coaching sessions to help improve the performance of scholars on the platform. These players have earned more than $2 million through gameplay to date. Related: New research expects a gloomy year for Bitcoin as DeFi and DAOs riseDeFi combines with NFTs and P2E gamingA third trend forming in 2022 is the development of projects and investment funds that aim to combine aspects of decentralized finance (DeFi), NFTs and P2E gaming.While the gaming sector only appeals to a niche crowd, NFTs have a wide range of capabilities that can be applied to many fields ranging from art to real estate by providing immutable proof of ownership. As blockchain technology continues on its path to mass adoption, an increasing number of real-world items will be digitally recorded on distributed ledgers, ultimately providing interested parties with an easier route to investment than exists at present. It also allows for the possibility of fractionally owning certain high-price items such as a hotel or the copyright to a popular movie or music album..@Nas May Be Offering Fractional Ownership Of His Music — But For Him, ‘This Isn’t Really For The Money’ https://t.co/34A2yhX6MP pic.twitter.com/yWWAqOlwLd— AfroTech (@AfroTech) January 11, 2022

BlackPool is one such project that is currently run by a team of portfolio managers, traders and analysts with the long-term goal of becoming “a leading provider of financial derivatives in digital asset marketplaces, including asset valuation indexes, insurance mechanisms and actively managed strategies.” Ultimately, the project is looking to provide democratized access to scarce NFT assets “that users might individually not be able to buy themselves.”Through the development of its DAO structure, BlackPool is now in the process of decentralizing its current operation to allow all of the NFT assets held by the fund to be managed by its community of token holders. Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin falls to $36K, traders say bulls need a ‘Hail Mary’ to avoid a bear market

Bitcoin (BTC) price continues to sell-off and the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC price has sank to its lowest level in 6 months and most analysts are not optimistic about an immediate turn around. Data from Cointelegraph Markets Pro and TradingView shows that a wave of selling that began late in the day on Jan. 20 continued into midday on Friday when BTC hit a low of $36,600.BTC/USDT 1-day chart. Source: TradingViewHere’s a check-in with what analysts have to say about the current downturn and what may be in store for the coming weeks.Traders expect consolidation between $38,000 and $43,000The sudden price drop in BTC has many crypto traders predicting various dire outcomes along the lines of an extended bear market. Others like independent market analyst ‘Rekt Capital’, are not so quick to jump the gun and declare that all is lost. As shown in the following chart posted by Rekt Capital, “the recent BTC rejection means that BTC is now residing at the lower region of its current $38,000-$43,100 range.”BTC/USD 1-week chart. Source: Twitter.According to Rekt Capital, “Bitcoin is just consolidating inside the $38,000-$43,100 range,” but needs to hold this support level to avoid dropping down into a lower consolidation range. Rekt Capital said,“Technically, the $38,000 support area is what separates BTC from entering the $28,000-$38,000 consolidation range. Bitcoin last consolidated in said range in Q1 and Q2 of 2021.”Head and shoulders pattern confirmedAnalysis of the BTC price action from a purely technical point of view was touched on by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed out that the “giant head and shoulders pattern for BTC is now completed with the neckline broken with BTC at $38,300.” BTC/USDT 1-day chart. Source: TradingViewFrom a theoretical standpoint, Lifchitz noted that this pattern predicts a possible drawdown as low as $20,000, but he stated that the “fall has generally been less than that” and suggested that “the $31,000 region could definitely be in sight.” From a fundamental point of view, Lifchitz noted multiple factors that are creating headwinds for BTC, including tightening from the U.S. Federal Reserve, chatter from the EU regulators looking to ban proof-of-work mining, profit-taking from late 2021 and the continued uncertainty about the economic future as it relates to the Covid pandemic. Lifchitz said, “Therefore for Bitcoin, a move down to the low-mid $30,000 could be definitely in the cards soon before real dip-buyers show up.”Traders look to scoop up BTC at $30,000A look at how traders have responded to this drawdown as compared to the pullback in June of 2021 was provided by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart highlighting the major support zones for each period of weakness. BTC/USD 1-day chart. Source: Twittervan de Poppe said, “Back in June → People are waiting for $23,000 to $25,000 to buy. Right now → People are waiting for $30,000 to buy. Similar fake breakout on the upside to nuke afterward into support.”A similar point of view was offered by trader and pseudonymous Twitter user ‘Fomocap’, who posted the following chart outlining how BTC could perform in the days ahead. BTC/USD 1-day chart. Source: TwitterFomocap said, “Relief bounce to $44,000 – $42,000 retest, if rejection then $35,000 – $33,000. What do you think?”Related: Crypto Twitter responds to Bitcoin dump: ‘Ok cool’Bulls need a close above $39,600A final bit of insight into was offered by crypto trader Scott Melker, who posted the following chart showing the price breakdown below a key level that must be recovered. BTC/USD 1-day chart. Source: TwitterMelker said, “Bulls looking for a Hail Mary close above $39,600 on the daily. A close below (especially on weekly) is a break in market structure, lower low etc. Bears showing no mercy.”The overall cryptocurrency market cap now stands at $1.801 trillion and Bitcoin’s dominance rate is 40.4%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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MetisDAO TVL surges by 99,800% as the layer-2 race heats up

Attracting liquidity has become a de facto arms race in the growing decentralized finance (DeFi) landscape. Projects constantly battle to attract investors funds by offering enticing yields for crypto holders willing to take a risk and lock up their assets and protocols use this funds to build out their products and attract attention from larger investors. One protocol that has been gaining traction in the total value locked (TVL) race is MetisDAO (METIS), a layer-two rollup platform designed to fully support the application and business migration from Web2 to Web3.Top 10 TVL gainers over the past month. Source: CCK VenturesAlongside the growth in the TVL on its protocol, the METIS token has also received a boost of momentum with data from Cointelegraph Markets Pro and CoinGecko showing that the price of METIS climbed from a low of $49.83 on Dec. 14 to a new all-time high at $323.54 on Jan. 16. METIS/USD 3-hour chart. Source: TradingViewThree reasons for the growing TVL on the Metis protocol include the launch of multiple DeFi protocols on the network, added support for METIS-based trading pairs on cross-chain protocols and the network’s ability to offer Etherum users lower transaction costs and faster processing times. Multiple DeFi protocols launch on MetisThe largest boost in value on Metis comes from the launch of several new DeFi protocols that are exclusively on the Metis network. These include NetSwap (NETT), Agora (AGORA) and Tethys Finance (TETHYS). Top 3 protocols on METIS by total value locked. Source: Defi LlamaTogether, these three protocols account for $325.24 million out of the $353.36 million in value currently locked on Metis. The partnership between METIS and Agora was only revealed on Jan. 19, meaning that it only took two days for the current TVL to be reached. This suggests that the overall TVL on the Metis chain will soon be headed higher. NetSwap (NETT) is the longest-running protocol on METIS, having conducted its fair launch on Dec. 6, 2021, it currently offers APRs for liquidity providers (LP) that range from 56% for WETH/m.USDT to 1,034% for BNB/NETT LPs. NetSwap reached a total trading volume of $1 billion on Jan. 19 which represents $2.5 million worth of transaction fees that have been rewarded to LP providers. Cross-chain bridge supportA second reason for the growing value hosted on the Metis network includes the added support from multiple cross-chain bridges that provide wider exposure to the Metis ecosystem. Beefy Finance is one of the larger protocols that has added support for Metis-based tokens including METIS, NETT, and Metis-based versions of Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH). Welcome @MetisDAO to the Beefy family!https://t.co/A5bk5ZNAaE is building a hub for the Web3 economy: Layer 2 #Ethereum scaling with fast and cheap transactions.#Metis is live on Beefy with 11 @netswapofficial vaults.Check Metis Vaults at https://t.co/pJcEr4tgoG pic.twitter.com/MEu61vCYB1— Beefy Finance (@beefyfinance) January 16, 2022Since announcing the partnership on Jan. 16, the TVL from the Metis network on Beefy Finance has reached $24.56 million. Other cross-chain platforms that have added support for Metis include Pickle Finance, Poly Network, the Celer Network’s cBridge, BoringDAO, Relay Chain and Multichain. Related: Blockchain assessment: How to assess different chains?Metis goes cross-chainThe third factor attracting value to the Metis ecosystem is the low-fee, high throughput capabilities of the network that help Ethereum users save time and money. The overall goal of Metis is to offer transactions that settle in less than a second and cost less than $1 in fees. According to the project’s whitepaper, this will be achieved by using the theoretically infinite scalability of the Metis Andromeda network.These capabilities have led to the rapid growth of the Metis ecosystem as a whole, which now supports multiple DeFi protocols and NFT projects.Most recently, Metis has established a partnership with Curate, a cross-chain nonfungible token (NFT) marketplace that will enable gasless transactions. New partner: @curateproject! Curate is a cross-chain NFT marketplace allowing anyone to mint & buy/sell NFTs completely GASLESS(!), incl import/export of ETH/SOL/ALGO/BSC NFTs! Curate will deploy on $METIS Andromeda network end of Jan. https://t.co/sbX71ooYGc to get started! pic.twitter.com/ONGHiCJM6M— Metis (@MetisDAO) January 13, 2022

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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A key Ethereum price metric hits a 6 month low as ETH falls below $3K

Ether (ETH) price lost the $3,600 support on Jan. 5 as minutes from the Federal Reserve’s December FOMC meeting showed that the regulator was committed to decreasing its balance sheet and increasing interest rates in 2022.Even with that looming overhead, Ether has problems of its own, more specifically, the ongoing $40 and higher average transaction fees. On Jan. 3 Vitalik Buterin said that Ethereum needs to be more lightweight in terms of blockchain data so that more people can manage and use it.The concerning part of Vitalik’s interview was the status of the Ethereum 2.0 upgrade, which is merely halfway implemented after six years. The subsequent roadmap phases include the “merge” and “surge” phases, followed by “full sharding implementation.” When implemented, they will lead to an 80% estimated completion of the network upgrade, according to Buterin.Ether price at Coinbase, USD. Source: TradingViewFor those analyzing Ether’s performance over the past 3 months, the current pricing seems appealing because the cryptocurrency is currently down 34% from its $4,870 all-time high. However, this short-sighted view disregards the 560% gain Ether had accrued up till Nov. 10, 2021.Furthermore, the network’s adjusted total value locked (TVL) has dropped by 17% since Ether’s price peak.Ethereum network total value locked, USD. Source: DefiLlamaAs shown above, the network’s TVL dropped from $166 billion to the current $138 billion. Meanwhile, competing smart contract networks like Terra saw their TVL increase from $11 billion to $18.7 billion. Fantom also increased the value locked on its smart contracts from $5 billion to $9 billion.Due to network upgrade delays, worsening macroeconomic conditions and a 3-month long price correction, professional traders are clearly becoming frustrated and anxious.Ether futures are at the edge of turning bearishQuarterly futures are usually the preferred instruments of whales and arbitrage desks due to their settlement date and the price difference from spot markets. However, the contract’s biggest advantage is the lack of a fluctuating funding rate.These fixed-month contracts usually trade at a slight premium to spot markets, indicating that sellers request more money to withhold settlement longer. Therefore, futures should trade at a 5% to 15% annualized premium in healthy markets. This situation is technically defined as “contango” and is not exclusive to crypto markets.Ether futures 3-month annualized premium. Source: LaevitasAs displayed above, Ether’s futures contracts premium has come down from 20% on Oct. 21 to a meager 5.5%, just slightly above the neutral market threshold. Although the basis indicator remains positive, it reached the lowest level in 6 months.The crash below $3,000 on Jan. 10 was enough to drain any bullish sentiment and more importantly, the Ethereum network’s high fees and delayed upgrades might have scared away some investors. Currently, data shows little sign that bears are ready to take the helm. If this was the case, the Ether futures premium would have turned negative.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check.Daily cryptocurrency market performance. Source: Coin360The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview with Bloomberg that the firm’s strategy is to acquire and hold Bitcoin and not sell.Could Bitcoin and most major altcoins start a relief rally from their strong support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin attempted a recovery on Jan. 20 when bulls pushed the price to the 20-day exponential moving average ($43,041). However, the bears had other plans as they sold this rise and pushed the price lower as seen by the long wick on the day’s candlestick.BTC/USDT daily chart. Source: TradingViewThe selling continued today and the BTC/USDT pair has broken below the strong support at $39,600. There is a minor support at $37,332.70. The bulls are likely to defend this support zone with all their might. The oversold level on the relative strength index (RSI) also points to a possible consolidation or a rebound. If the subsequent relief rally rises above the 50-day simple moving average (SMA), it will indicate that the downtrend may be over.Conversely, if the price plummets below the support zone, the bearish momentum could pick up and the pair may slide to $30,000.ETH/USDTEther’s (ETH) long wick on the Jan. 20 candlestick indicates that the trend remains negative and traders are selling on relief rallies to strong resistance levels. ETH/USDT daily chart. Source: TradingViewThe selling has continued today and bears have pulled the price below the immediate support at $2,928.83. This opens up the doors for a possible drop to $2,652 where buyers are anticipated to mount a strong defense.If the price bounces off $2,652, the bulls will again try to push the ETH/USDT pair above the 20-day EMA and the resistance line of the channel. If that happens, the pair could signal a change in trend.Conversely, if bears sink and sustain the price below $2,652, the selling could accelerate and the pair may drop to $2,000.BNB/USDTBinance Coin (BNB) turned down from the 20-day EMA ($474) on Jan. 20, indicating that bears are defending this resistance aggressively. The sellers will now try to pull the price below the Jan. 10 intraday low at $405.60.BNB/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate advantage to bears. If the price sustains below $405.60 and the descending channel, the selling could intensify and the pair may drop to $325.Conversely, if the price rebounds off $405.60 or the support line of the channel, the bulls will again attempt to push the BNB/USDT pair above the 20-day EMA and the resistance line of the channel. If they do that, it will signal a possible change in trend.ADA/USDT Cardano (ADA) broke and closed below the moving averages on Jan. 20. The long wick on the day’s candlestick showed that bears continue to sell on rallies.ADA/USDT daily chart. Source: TradingViewIf bears sustain the price below the moving averages, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because it has not been breached on a closing basis for about ten months.If the price turns up from the current level and breaks above the moving averages, it will indicate that traders are accumulating on dips. The buyers will have to push and sustain the pair above the descending channel to signal a possible change in trend.SOL/USDTSolana (SOL) formed an outside day candlestick pattern on Jan. 20. Traders sold aggressively at higher levels and pulled the price below the immediate support at $130.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair has dropped to the strong support at $116. If this level also fails to provide support, the decline could extend to the support line of the descending channel. The downsloping moving averages and the RSI in the oversold zone, suggest the path of least resistance is to the downside.Alternatively, if the price turns up from $116, the bulls will again try to overcome the barrier at the 20-day EMA ($146). If they manage to do that, the pair could rise to the resistance line. A break and close above the channel could signal a change in trend.XRP/USDTRipple (XRP) broke and closed below the $0.75 support on Jan. 19. The bulls tried to reclaim the level on Jan. 20 but the long wick on the candlestick shows that bears continue to sell on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair has broken below the support at $0.69. If bears sustain the lower levels, the pair could extend its decline to $0.60. The downsloping moving averages and the RSI near the oversold territory indicate that sellers are in control.This negative view will invalidate if the price turns up from the current level and breaks above the moving averages. Such a move could suggest accumulation at lower levels. The pair could then start its up-move toward $1.LUNA/USDTTerra’s LUNA token once again turned down from the downtrend line on Jan. 20, indicating that bears continue to defend this level with vigor. LUNA/USDT daily chart. Source: TradingViewAlthough the 20-day ($79) is flattish, the RSI has slipped below 46, indicating that bears have a slight advantage. If the price sustains below $73.95, the LUNA/USDT pair could start its decline toward the critical support at $62.46.Contrary to this assumption, if the price rebounds off the current level, the bulls will again try to push the pair above the downtrend line. If they succeed, it will indicate that the correction may be over. The pair could rally to $93.81.Related: 3 wildest theories explaining $500B crypto market crashDOT/USDTPolkadot (DOT) has dipped below the critical support at $22.66, which is an important level to keep an eye on because it has not been breached on a closing basis since mid-August of last year.DOT/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will again attempt to clear the overhead hurdle at the moving averages. A break and close above the 50-day SMA ($27.08) will be the first indication that the selling pressure may be reducing. The bulls will have to push and sustain the price above $32.78 to signal a possible change in trend.Conversely, if the DOT/USDT pair sustains below $22.66, it will suggest that supply exceeds demand and traders are rushing to the exit. The pair could then drop to the next support at $16.81.AVAX/USDTAvalanche (AVAX) turned down from close to the 20-day EMA ($90) on Jan. 20 and broke below the strong support at $75.50 today.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in command. A close below $75.50 will complete a descending triangle pattern, signaling that a top may be in place. The AVAX/USDT pair could then start its decline toward $50.However, the bulls are unlikely to surrender without putting up a strong fight. If the price rebounds off the current level, the pair could recover to the 20-day EMA and later to the downtrend line. The bulls will have to clear this hurdle to signal a possible end to the corrective phase.DOGE/USDTThe bulls tried to push Dogecoin (DOGE) back above the moving averages on Jan. 20 but failed. This suggests that sentiment remains negative and bears are selling near resistance levels.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair could now gradually drop toward the strong support at $0.13 where the buyers may step in to arrest the decline. If the price rebounds off this level and rises above the moving averages, it will suggest that the range-bound action may continue for a few more days.The critical level to watch on the upside is $0.19 and $0.13 on the downside. The next trending move could start after the price breaks out of either level. Until then, volatile random moves inside the range may continue.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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OpenDAO (SOS), LooksRare (LOOKS) and WTF token: 3 airdrops, with 1 scam

NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, and its latest rival, LooksRare, has eclipsed the platform according to data from DappRadar. Top 8 NFT marketplaces by volume. Source: DappRadar What’s clear is that NFT collectors and traders appear to be shifting their sentiment on where they are seeing value. Since the start of 2022 there’s been an emphasis on “community” with a buzz and advocacy of rewarding users for their participation. OpenSea has already generated more than $3.2 billion in total volume despite many NFT traders feeling that the marketplace betrayed the notions of Web3. These investors are voting with their feet and planning to boycott the marketplace by turning their attention to others who are more “Web3 friendly.”Community-driven NFT marketplace, LooksRare and other platforms have successfully completed a vampire attack, leaving disgruntled OpenSea users migrating away from it for not valuing and rewarding user participation.Participants seem to be adamant on advocating for the value they create within the ecosystem and feel competitors are meeting their demands. However, could more rivals to OpenSea sway users by claiming to value and reward their participation? And could others potentially exploit users who blindly follow these notions and protocols?SOS: OpenDao receives mixed reviewsSince launching, SOS has locked in 13.7 trillion SOS in staking ($45.6 million) and 50% of its total 100 trillion total total supply is distributed to the community. Up until January 12, 2022 users were eligible to claim a 145% APY for its veSOS governance token and this came equipped with voting rights for future projects and protocols. SOS appeared to have lit the match for community activism but it faced backlash after taking back its original plans to end claiming until June 30, 2022.  Many voiced their frustration and confusion, learning that in DAOs, decisions can change with the call of a vote, and participation is highly recommended.SOS Staking Pool. Source: SOS Queries Dune AnalyticsCurrently there are over 200,000 holders and more than $2.5 billion traded and future project launches plus the current NFT marketplace could see more liquidity rotating into SOS.SOS has decreased nearly 70.5% and is trading at $0.00000327despite a looming marketplace that is speculated to offer unique trading opportunities for NFTs.SOS/USD live 24-hr Sushiswap LP Chart. Source: CoinGecko Gecko Terminal NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, while its latest rival, LooksRare, made over $1.79 billion ranking above the giant, according to data from DappRadar. Is there more to LooksRare than just wash trading?Launched on January 10, 2022, LooksRare aimed for OpenSea’s jugular— or rather its lack of Web3 incentives and initiatives— and gained the attention of many who were already discussing the “Death of OpenSea.”The token was a “free” drop, but it came with the price of several transaction fees, including placing an NFT up for sale, claiming the airdrop and staking (optional).Even with the costs, over 110,000 wallets claimed LOOKs, from approximately 60% of the total eligible wallets, according to data from Dune Analytics. Number of LOOKS vs wallet addresses that claimed the Airdrop. Source: Dune AnalyticsLooksRare has amassed nearly $2.4 billion in total volume, but the metric only shows a piece of the entire pie. A few red flags were raised when a closer look at the amount of transactions was viewed. Comparing the number of transactions on LooksRare to OpenSea reveals that OpenSea processed over 50 times the amount of transactions of LooksRare.LooksRare has an estimate of 17 times the amount of users, yet OpenSea’s volume is half that of its rival.Shortly after launch, investors grew suspicious that traders were wash trading with Larva Labs Meebits collection to take advantage of trading rewards.LooksRare vs. OpenSea Daily Users Source. Dune AnalyticsWhile there’s a camp of individuals who are championing LooksRare and find its model promising, others are raising questions and concerns about the platform’s sustainability.Fees.wtf lived up to its nameMany were fortunate to benefit from the SOS and LOOKs airdrop but the Fees.wft airdrop was a different story. Initially, the project was a fee service on the Ethereum blockchain that calculates the total gas fees a user has spent. A user had to spend at least 0.05 Ether to be eligible to claim and once announced, traders rushed to cash in only to find the initial liquidity pool was too small resulting in 58 Ether, ($188,036) being drained by a bot. 1/ $WTF: A service, a token, and what everyone said five minutes into the launch when one bot drained 58 ETH from the pool.Let’s take a look at what happened.— meows.eth (@cat5749) January 14, 2022Aptly named, it seems users did not have to mint the Fees.WTF NFT to feel rekt. Users who were not familiar with slippage tolerances found that their orders were executed for significantly less than expected, leaving one user trading over $135,000. Daily WTF holders. Source: Dune Analytics @MilkmanDespite falling nearly 84% since a spike after its initial launch, WTF seems to continue to grab the attention of new holders with its claims window still open and the number of holders increasing.Daily WTF price. Source: Dune AnalyticsProgramming the contract so that the team makes 4% after every transfer, the team has allegedly made over $3 million and counting. Even though the platform “intended” to reward users for the fees they have spent, Fee.WTF stunted on users who paid more in fees than they actually claimed.According to Rokitapp founder Lefteris Karapetsas, the smart contract was coded to siphon Ether from anyone who interacted with the contract. Upon further inspection, Karapetsas saw the contract encoded a fixed whitelist of those who did not need to pay transfer fees. Oh hey look the @feeswtf team posted a post-mortem: https://t.co/8v1Ng3DupHIf that does not tell you need to know about the “project” I don’t know what will.— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 15, 2022

Despite suspected wash trading and the contentious issues surrounding the association to Cole, Pudgy Penguin co-creator and investor in the project, LooksRare provides a competitive edge to OpenSea because it falls in line with the current demand of Web3 users. OpenDAO and LooksRare are good examples of what OpenSea competitors possess and are waiting to unleash. With the increasing number of individuals entering the crypto ecosystem, and many advocating for Web3 incentives, traders need to take heed and evaluate where they are placing their attention and value since there are platforms that are laser-focused on exploiting their needs.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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